Ifc_shanghai_Apple_Store

Apple has been making steady gains in China recently, and it's not backing down anytime soon. The first of 25 new Apple Stores  in the country opened this weekend. Now, a new report claims the Cupertino company could already be selling more iPhones in China than it does here in the U.S.

According to UBS analysts (via The Financial Times), Apple shipped 36 percent of all iPhones this quarter to China, compared to 24 percent here in the U.S. That's a significant reversal from last year, when the company shipped 29 percent of its iPhones to the U.S. and 22 percent to China in the same quarter. UBS adds that this trend is likely to continue as sales in the rapidly-growing market accelerate.

Apple hasn't confirmed the news just yet, but with its Q1 earnings report set for Tuesday we may know the full story before too long. CEO Tim Cook previously said that it was only a "matter of time" before China became the company's biggest market. Now it looks like that time may have already arrived.